Economic ripple effect caused by ‘Dynamite’ estimated at $1.4 bln

Fibo Quantum

[Courtesy of Big Hit Entertainment]

SEOUL — The global success of “Dynamite,” a new single published by BTS, is expected to generate at least 1.7 trillion won ($1.4 billion) in economic ripple effects, including 246 billion won in direct sales, government data showed. Revenue from offline concerts was not counted due to a prolonged coronavirus pandemic.

Dynamite, which debuted at No. 1 on Billboard’s main singles chart, would induce some 372 billion won in exports of related consumer goods, including cosmetics, foodstuffs and clothing, according to a joint report by the Ministry of Culture, Sports and Tourism and Korea Culture & Tourism Institute

The report put production-inducing effects at 1.23 trillion won and value-added inducement effects at 480 billion won. Because overseas travel was restricted and on-site concerts were not held, the economic ripple effect caused by Dynamite is expected to increase further in the future, the ministry said.

“This analysis was conducted to show that the achievements of BTS were significant economically as well,” Culture, Sports and Tourism Minster Park Yang-woo said in a statement. “Their music became a cure for people around the world suffering from COVID-19 and once again became the cultural pride of South Korea.”